Business
Aviation sector crisis deepens
Prices of Aviation Turbine Kerosene (ATK) in Nigeria has been pegged between ₦1,960 and ₦2,800 per litre.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) capped the price followed skyrocketing fuel prices, which have resulted in an equal rise in airlines’ operating costs.
Airline Operators of Nigeria (AON) have since cut down on flight operations and are threatening to down tools if nothing is done to stem the tide.
However, a statement by the Director, Public Affairs Department, NMDPRA, George Ene-Ita, noted that “The nationwide retail prices surveyed as of 17th April 2026 range between N1,960 per litre to N2,800 per litre”, adding that the speculated N3,300 per litre price being peddled in the media does not reflect current market reality.
Minister of Aviation and Aerospace Development, Festus Keyamo
Minister of Aviation and Airspace Management, Festus Keyamo, had earlier waded into the crisis.
Despite the intervention, however, airline operators have maintained their position, warning that operations could be disrupted if urgent measures are not implemented. The carriers had earlier issued a seven-day ultimatum, threatening to halt flights.
Industry data shows that the cost of fuelling aircraft has risen sharply in recent months. For instance, fuelling a Bombardier CRJ 900 or Airbus A220, which cost about N2.1 million per flight in January, has surged to approximately N7.6 million as of April 26, a 350 per cent increase.
The vice president of AON, Allen Onyema, attributed the spike partly to global tensions, including the US-Iran crisis, but argued that local price increases are disproportionate to international trends.
“Since the advent of the US-Iran war, there has been a spike in aviation fuel price in Nigeria, which we feel is not proportionate to the hike internationally,” Onyema said.
“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done—not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”
In response, the NMDPRA said it has introduced a series of measures aimed at easing supply constraints and reducing costs. These include directing marketers to sell aviation fuel directly to airlines to eliminate middlemen and improve transparency within the supply chain.
Further reacting to the crisis, the NMDPRA, in line with its mandate, said it will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply of petroleum products and profiteering across the country.
While appreciating the continued efforts of all stakeholders in the aviation fuel supply chain in ensuring adequate supply and distribution of the product, the Authority assured the public of its continued commitment to guarantee energy security in the country.
On Monday, the group manager, Marketing and Communication, Ibom Air, Aniekan Essienette, disclosed that the carrier could begin reducing flight frequencies in the coming days as fuel costs reach unsustainable levels.
According to the airline, operators can no longer continue flying merely to cover fuel costs.
Essienette described the current pricing regime as an “unprecedented crisis,” stressing that it had become financially unsustainable for domestic carriers.
She revealed that the cost of fuelling a single flight had more than tripled within a short period.
According to her, while Ibom Air spent an average of N2.1 million per flight in January, that figure had risen to about N7.6 million as of April 26, representing a 350 per cent increase.
Despite the emergence of the Dangote Refinery, which reportedly supplies over 95 per cent of Nigeria’s Jet A1 fuel, the airline expressed concern that domestic prices remain significantly higher than global benchmarks.
“Domestic airlines are baffled at why the price of aviation fuel in Nigeria has ballooned to this level, far above what obtains in other parts of the world,” the airline said.
It added that while international carriers typically cut capacity in response to even modest fuel increases, Nigerian airlines have continued to absorb steep cost pressures in a bid to keep fares affordable.
Ibom Air, which operates a fleet of Bombardier CRJ 900 and Airbus A220 aircraft, said it can no longer sustain normal operations under current conditions.
“It is clear to us that the current conditions are unsustainable,” Essienette said. “We will have to take whatever ameliorating actions we can in the days ahead, including reducing our capacity if necessary.”
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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